Italy: Asset managers publish stewardship code

Assogestioni, the Italian association of asset managers, published a stewardship code earlier this year: see here (Italian and English, pdf). The Code's principles are based on EFAMA's Code for external governance - principles for the exercise of ownership rights in investee companies (here, pdf).

UK: Dissolved companies and bona vacantia

Section 1012 of the Companies Act 2006 provides that when a company is dissolved, all property and rights vested in or held on trust for the company immediately before its dissolution are deemed to be bona vacantia. Updated policy guidance about the operation of this provision was published by the Government last Friday: see here.

New Zealand: FMA publishes audit quality report

The Financial Markets Authority has published its audit quality review report for the year ended 30 June 2013, based upon an assessment of the internal quality control systems and individual audit files of nine audit firms: see here (pdf). Areas for improvement have been identified, including auditor independence and ethical issues; auditor quality monitoring; audit documentation and evidence; and the use of professional scepticism.

Bhutan: Corporate Governance Code for DHI portfolio companies

Druk Holding and Investments Ltd - to which shares in certain state-owned companies were transferred in 2007 - has published a corporate governance code for the companies in its portfolio: see here (pdf).

USA: Disclosure in the auditor's report - PCAOB reproposes changes for public comment

The Public Company Accounting Oversight Board is seeking views on re-proposed changes to auditing standards that would require, amongst other things, the auditor's report to include: [a] the name of the engagement partner who led the audit in the most recent period, and [b] the names, locations, and extent of participation (as a percentage of the total audit hours) of other public accounting firms that took part in the audit, and the locations and extent of participation of other persons (whether an individual or a company) not employed by the auditor who performed procedures on the audit. Further information is available here.